Meanwhile, bitcoin miner Gryphon Digital Mining is going public through a reverse merger with Nasdaq-listed data management company Sphere 3D. Sphere said it will issue 111 million shares to Gryphon shareholders, who will control 77 percent of the combined company, and Sphere holders will own the remaining 23 percent, according to the China Coin (ZB) Institute. The transaction is scheduled to close in the third quarter and is subject to shareholder and regulatory approvals.
The positive news has led to a gradual warming of the global cryptocurrency market, according to the ZB Institute. After experiencing market volatility in May, net inflows to digital asset funds began to warm up, with inflows of about $74 million, according to the ZB Institute. This follows a total capital outflow of $151 million in the previous two weeks.
June 4 (Bloomberg) — AK-47 maker Kalashnikov Firearms said it wants to switch to digital currency for settlement. Alan Lushnikov, the company’s owner and former Russian deputy transport minister, said he expects the banking system to do the switch, not the bank settlement system. Digital currency has been much needed by the company.
At the same time, the Russian finance minister said that the National Wealth Fund will exit dollar assets and invest in euro, yuan and gold assets. The Russian finance minister said the share of the euro will be 40 percent, the yuan 30 percent, gold 20 percent and the pound and the yen both 5 percent. The Russian finance minister said the new investment structure is expected to be implemented within a month.
According to the Chinese Currency (ZB) Institute, the withdrawal of Russian state wealth funds from U.S. dollar assets will have a negative impact in the global U.S. dollar market, while the acceptance of digital currency settlements by arms manufacturers will further boost the scope of digital currency applications. With a two-way impact, digital currencies will further erode the field of application of the U.S. dollar and drive the global digital currency market up.
On June 4, the EU released a related news that it will launch a digital wallet in 2022 that will allow citizens of member states to make payments and access services offered by each country, in addition to serving as an identity vault that will allow users to store digital equivalents of their physical licenses, such as passports or driver’s licenses, while also integrating services from other countries. Indicating that the development of the digital euro in the eurozone is close to being practical and will be operational by 2022.
In terms of digital asset finance, 72 DeFi companies have been favored by private investors in the first six months of 2021, exceeding last year’s full-year total by more than a quarter, according to the ZB Institute. Many DeFi projects aim to reshape financial operations such as exchanges, insurance and lending, and in the long run, these applications are expected to reshape the financial system. Although DeFI projects have not yet received full regulatory approval, some traditional Silicon Valley venture capital firms have already participated in DeFi’s development through a roundabout approach. Sequoia Capital has indirectly invested in several DeFi exchange DeFi lending companies through its holding fund.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/more-institutions-support-digital-currency-settlement-global-market-heats-up-across-the-board/
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